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Rosetta Genomics Posts Q4 Revenues Following Product Launches

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Rosetta Genomics today reported fourth-quarter revenues of $119,000 compared to no revenues for the fourth quarter of 2008.

The Israel-based microRNA molecular diagnostics maker launched its first three tests late in 2009 — the miRview mets, miRview meso and miRview squamous tests.

"During the fourth quarter of 2009, Prometheus Laboratories, which has exclusive rights to our first three miRview assays in the US began the initial launch for these three microRNA-based diagnostic tests under the ProOnc brand," Rosetta Genomics President and CEO Kenneth Berlin said in a statement accompanying the firm's financial results.

"These efforts largely consisted of providing and processing samples, creating and developing the branding, and hiring and training the first phase of sales representatives," her added. "We expect these efforts will translate into increasing sales of these three tests over time as Prometheus builds brand awareness and continues to expand its sales force in the US."

Rosetta's net loss for the quarter ended Dec. 31 was $4 million, or $.28 per share, compared to a profit of $1.1 million, or $.09 per share, for the fourth quarter of 2008. The Q4 2008 results were positively impacted by a payment of $7.4 million from Credit Suisse for the repurchase of all remaining auction rate securities the company had purchased in 2007.

The firm's R&D spending declined 19 percent to $1.7 million from $2.1 million, while its marketing and business development costs nearly doubled to $1.3 million from $713,000, and its general and administrative costs increased around 55 percent to $1.2 million from $773,000.

For full-year 2009, Rosetta reported revenues of $150,000 versus no revenues for all of fiscal 2008. The firm said that its 2009 revenues came from royalties associated with a previous agreement with Ambion, which is now part of Life Technologies, and service revenue associated with its licensing agreement with Prometheus.

Rosetta's net loss for the year was $16.5 million, or $1.22 per share, compared to a net loss of 49.5 million, or $.79 per share, for 2008.

Its R&D spending was $6.6 million in 2009 compared to $8.7 million in 2008, while its marketing and business development costs increased to $4.5 million from $2.2 million, and its general and administrative expenses increased to $3.6 million from $3.2 million.

As of the end of the year, Rosetta Genomics held $10.3 million in cash, cash equivalents, short-term bank deposits, and marketable securities. This amount does not include $4.65 million in net proceeds from a January 2010 registered direct offering.

The firm expects to bring in revenues of between $2 million and $4 million in 2010.

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